By Esther Alexander
Since the appointment of the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa by President Bola Ahmed Tinubu, the emphasis on the housing deficit across the country has never been more louder.
The Federal Ministry of Housing and Urban Development has championed several meetings aimed at tackling this issue, and the Renewed Hope Cities and Estates Programme, spearheaded by the Federal Government is one of its major strides.
After a long wait, the program is on the verge of commencing. The announcement of involving President Tinubu in the groundbreaking event scheduled for Thursday, February 8, 2024, in Abuja, signifies the start of construction for 3,112 housing units, as previously reported by Housing Cable.
Let’s take a quick look at the Renewed Hope Cities and Estates Programme while citing information from the Ministry of Housing and Urban Development.
- The Renewed Hope Cities and Estates Programme, a vital component of a Public-Private Partnership project established in December 2023, involves collaboration between the Ministry and a consortium of companies, namely Continental Civil and General Construction Limited and Ceezali Limited. This partnership aims to construct a total of 100,000 housing units nationwide.
- Minister of Housing and Urban Development, Arc. Musa Dangiwa, has issued Land Allocation Requests to all states for the programme, urging them to allocate a minimum of 50 hectares of land near their respective state capitals.
- President Tinubu has allocated N100 billion in the 2023 Supplementary budget and N18.9 billion in the 2024 budget for the Ministry of Housing and Urban Development, specifically for the Renewed Hope Cities and Estates Programme, as well as Urban and Slum Upgrading programmes.
- The initial phase of the programme targets the construction of 20,000 housing units in the FCT, with 3,112 units planned for the Karsana site.
- The developers are financing the construction of 3,112 housing units in Karsana, FCT, while the Ministry of Housing and Urban Development is facilitating access for prospective homeowners sourced from subscribers to the National Housing Fund (NHF) Scheme, managed by the Federal Mortgage Bank of Nigeria (FMBN).
- Each Renewed Hope City is projected to include at least 1,000 housing units per site within one location in each of the six geopolitical zones, while Renewed Hope Estates are expected to feature a minimum of 500 housing units per site across the remaining thirty states.
- The programme aims to create inclusive residential communities catering to various income levels, offering one-bedroom, two-bedroom, and three-bedroom apartment blocks for low to medium-income earners, as well as terraces and duplexes for high-income individuals.
- The Ministry of Housing and Urban Development will initiate several PPP projects as part of the Renewed Hope Cities and Estates programme in various locations across Nigeria.
- The programme will operate as a cross-subsidy initiative, with 80% of the housing units sold at commercial rates and the remaining 20% offered at concessional rates to low- and medium-income Nigerians affiliated with the Nigeria Labour Congress and the Trade Union Congress.
- Multiple ownership avenues are accessible under the programme, including single-digit, 30-year mortgage loans, Rent-to-Own schemes, and Outright Purchase options, aimed at enhancing housing affordability.
- The Renewed Hope Cities and Estates project is listed among the President’s Top 10 projects for 2024.
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